FII(601138) 光大证券·2025-03-12 15:49Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [3][5]. Core Insights - The company achieved a revenue of 609.1 billion yuan in 2024, representing a year-on-year growth of 27.88%, and a net profit attributable to shareholders of 23.216 billion yuan, up 10.34% year-on-year [1][3]. - The cloud computing business continues to grow rapidly, with revenue growth exceeding 50% year-on-year, marking its first time accounting for over 50% of total revenue [1][2]. - The demand for AI server infrastructure is on the rise, with AI server revenue increasing by more than 1.5 times compared to the previous year, now constituting over 40% of total server revenue [1][2]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 609.1 billion yuan and a net profit of 23.216 billion yuan, with a projected net profit of 30.677 billion yuan for 2025 [3][4]. - The company’s revenue growth rate is expected to be 17.41% in 2025 and 12.63% in 2026 [4]. Business Segments - The cloud service segment saw server revenue from cloud service providers grow over 80% year-on-year, while brand server revenue increased by more than 70% due to heightened AI server procurement from Tier-1 clients in North America [2]. - The company is expanding its presence in the high-end medical device sector through the acquisition of Guangzhou Tianying Precision Tools Co., Ltd. for up to 439 million HKD [2]. Valuation Metrics - The current market valuation corresponds to a price-to-earnings (P/E) ratio of 18X for 2024, 13X for 2025, and 12X for 2026 [3][4]. - The report anticipates a return on equity (ROE) of 15.29% in 2024, increasing to 18.60% by 2026 [10].